Everest Group

Everest ended 2025 with total invested assets and cash of $45.4 billion and shareholders’ equity of $15.5 billion. Book value per share rose 20 percent to 379.83. Operating cash flow was $3.07 billion in 2025, reflecting robust underwriting cash generation and higher reinvestment yields, while interest paid was modest at $150 million. A.M.

Best affirmed A+ financial strength in October 2025 but revised the outlook to negative after casualty reserve actions. The $1.2 billion adverse development cover provides protection on older North America insurance reserves for years 2024 and prior. Overall leverage appears reasonable relative to capital and cash generation.

We view financial strength as a notable positive, albeit with the rating outlook watch.